Prime XBT is a fairly new trading site for cryptocurrency trading, as well as other properties like stocks and commodities.
This review will cover my exchange experience, and what you need to know about before you use it.
What is PrimeXBT?
PrimeXBT is the No. 1 Bitcoin-based trading platform for active traders in over 170 countries today.
Along with cryptocurrencies such as BTC / USD, PrimeXBT can also be used to transact various fiat currencies.
This refers to common currencies such as EUR / USD and USD / JPY.
Combine Bitcoin leverage trading with short-selling, customizable features, and state-of-the-art security, and it is no wonder that PrimeXBT is already buzzing with the industry.
Learn why in this review on PrimeXBT.
Some of the advantages of using PrimeXBT is that they aren’t asking for a cumbersome confirmation process to approve your account.
Some Bitcoin trading sites use a method of authentication that some traders view as an impediment to opening an account.
No documents are required on Prime XBT for verification.
Your privacy is its utmost priority while trading digital currencies, and so you are not required to undergo KYC procedures to expose personal information.
This leaves your email as its primary ID type.
Losing access to your email can prevent you from accessing your PrimeXBT account.
There are five tradable cryptocurrency coins on PrimeXBT exchange: BTC, ETH, LTC, XRP, EOS.
Trading on PrimeXBT
One thing we really enjoyed about PrimeXBT is that every page will have a pop-up guide covering topics like how to finance your trading account, how to position your first order etc.
when you first log in to your account.
You can still press the question mark “for a refresher afterwards??”
For more instructional videos on the top right corner.
PrimeXBT ‘s key advantage is the ability to customise.
The Exchange allows users to customize their trading interface and charts as described above.
You can switch, add and delete various widgets for the trading app e.g. maps, watchlists, and orders etc.
Usability of Platform
Prime XBT’s main website is relatively well laid out, with simple different sections for various pieces of details.
In the top right there is a simple registration button and there’s an option to turn off notifications if that’s necessary.
The trading sites are well thought out themselves, too.
One of the new developments that PrimeXBT has introduced, in collaboration with Covesting, is the Covesting Fund Management App.
Currently in beta, ‘Covesting’ allows any trader to start their own fund and become effectively a fund manager – receiving the performance fees from successful traders.
If you are a frequent and effective trader of derivatives then you will certainly want to check out the Covesting function of PrimeXBT as soon as possible.
Likewise it helps traders to participate with other successful active traders who choose to take a back seat.
PrimeXBT provides 1:100 leverage on all of the platform ‘s assets, commodities, and indexes, and 1:1000 leverage on Forex majors.
The purchasing (or selling) power is immediately given to all users equal to 100x times the deposit value.
For the rest of our instruments, we also have the highest leverage, helping you to maximize your trading benefit.
The exact leverage you’ll be given for the position will depend on the type of asset you ‘re trading on, and the size of the position you ‘re taking.
For example, below are the criteria for the basis margin and the resulting leverage for a variety of assets.
Deposits And Withdrawals
It is easy to make a deposit on PrimeXBT.
A new user can click on their Account dashboard to ‘Deposit.’
A stable Bitcoin address to use for a BTC transfer will be created immediately.
Even though they require an extra step, withdrawals are simple too.
Users must make an internal switch from their trading account to the personal setup wallet in the Account section before withdrawal.
PrimeXBT Trading Fees
The platform levies trading and financing fees (use of borrowed funds).
You can check the exact numbers underneath:
PrimeXBT provides some of the lowest fees in the entire crypto market.
The premium for trades is just 0.05 per cent for all trading pairs.
Funding commission is only taken once a day.
Because fees vary from asset to asset, be sure to review carefully before commencing trading here.
Be alert as it is measured overnight / days in UTC time so be sure not to start trades at midnight UTC!
There are rumors that other consumers don’t know this and they receive surprise fees.
PrimeXBT overnight lending is a borrowing expense if you are using equity on a deal and keeping it open overnight.
Personally, I don’t think the fees on PrimeXBT are that bad, they ‘re about the industry level and there’s nothing to worry about.
PrimeXBT Trade Charts
Prime XBT ‘s default map is one on a candlestick.
This is red and green, with rates appearing horizontally vertically and time.
Pointing through the chart indicates the exact time and date, high and low, open / close and the interest.
When adjusting the graph time that is under the main chart, the time span may be increased or decreased. Many of the settings are at the top of this diagram.
Some of the most neglected elements of exchange protection is the methods by which exchanges protect user accounts from allowing a hostile party access to them.
In this portion of the exchange review / test, the key items I’m searching for are; 2FA (2-Factor Authentication) and confirmations / notifications via email.
The bulk of the coins kept at PrimeXBT are housed in cold storage.
That means they ‘re kept away from internet connectivity and the danger of potential hackers in a secure offline environment.
They would also need to operate a “hot wallet” to support their current payments and withdrawals, but only a small number of coins are kept in this state.
They make use of multi-signature access to allow certain movements from the cold wallet to the hot wallet.
It means that in order for any transactions to take place in the Prime XBT wallets, a variety of different people who hold those keys would need the authorization.
Which reduces the chance of a single failure point.
The site is marketed as a regional exchange, but US traders can’t use Prime XBT.
That is because of the company’s increasing aversion to regulation, especially in the states.
However, there is no in-depth verification mechanism that enables certain customers to be identified.
I was fairly impressed with their customer service team while checking the exchange.
It really seems easy and I love the fact that PrimeXBT online and mobile leveraged trading platforms have a love chat feature on them.
Aside from the communication methods, there are tons of articles available on help.primexbt.com which will answer most of the platform ‘s questions you might have.
Many who may not be clients yet but who, meanwhile, are looking to deliver a business idea do have a dedicated email address.
There is also a large help center with a wide range of frequently asked questions and information.
PrimeXBT Promo Code
Clients can receive an offer to claim a Welcome Bonus upon development of an account.
This promotion will provide the users with a unique incentive for first qualifying deposit within the specified time frame (the Welcome Bonus countdown timer represents the amount of time remaining to the end of the deal after logging in):
If you would like to learn more about PrimeXBT, please read our full summary here. If you want to know how to assert a deposit bonus of 35 per cent onPrimeXBT when you sign up, keep reading!
The bonus will give you extra margin and it will also be counted when liquidation rates are measured by the app.
Below is a quick guide to setting up your account and taking advantage of this exclusive PrimeXBT promo code.
The ability to open an account anonymously speeds up the account opening process, although the missing legislation should still be remembered before large sums of money are moved to this platform.
The trading platform has a positive appearance and the fee structure is competitive.
There is always risk in any type of trading of assets , especially in one as volatile as cryptocurrencies.
It is further compounded by leveraged trading that raises risks.
You can learn more about these risks on the Risk Disclosure page on the PrimeXBT blog.
This speaks of competition and trade risks in a straightforward manner.
Overall a neat product but bear in mind that while unregulated exchanges are extremely flexible, they also have no supervision.
So be mindful that if it is not in use for trading, don’t leave money lying around in any market.
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